Engineers Gate Manager LP Acquires Shares of 176,080 Enphase Energy, Inc. $ENPH

Key Points

• Engineers Gate Manager LP acquired 176,080 Enphase Energy shares worth approximately $8.67 million, while institutional investors collectively own 72.12% of the company.
• Enphase reported quarterly EPS of $0.46, narrowly missing estimates, while revenue of $291.85 million exceeded expectations but declined 19.6% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $45.79; shares recently opened at $36.86.

Engineers Gate Manager LP acquired a new position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 176,080 shares of the semiconductor company's stock, valued at approximately $8,670,000. Engineers Gate Manager LP owned approximately 0.13% of Enphase Energy at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ENPH. Archer Investment Corp bought a new stake in shares of Enphase Energy during the 2nd quarter valued at about $30,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Enphase Energy by 431.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 514 shares during the period. Burnham & Co LLC bought a new position in shares of Enphase Energy in the 2nd quarter worth approximately $34,000. Continuum Advisory LLC purchased a new position in shares of Enphase Energy in the 2nd quarter valued at approximately $42,000. Finally, Ascentis Independent Advisors bought a new stake in shares of Enphase Energy during the first quarter valued at approximately $33,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Enphase Energy news, Director Richard Mora sold 2,000 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $36.76, for a total transaction of $73,520.00. Following the completion of the sale, the director owned 11,922 shares of the company's stock, valued at approximately $438,252.72. The trade was a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.90% of the company's stock.

Enphase Energy Stock Up 0.4%

Shares of ENPH stock opened at $36.86 on Friday. The company has a current ratio of 3.45, a quick ratio of 2.95 and a debt-to-equity ratio of 0.48. Enphase Energy, Inc. has a 12 month low of $25.77 and a 12 month high of $73.74. The stock has a market cap of $4.87 billion, a P/E ratio of 36.86 and a beta of 1.65. The company has a 50 day simple moving average of $39.50 and a two-hundred day simple moving average of $43.18.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). The business had revenue of $291.85 million for the quarter, compared to the consensus estimate of $289.76 million. Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company's revenue was down 19.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. On average, research analysts expect that Enphase Energy, Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on ENPH. Citigroup decreased their price objective on Enphase Energy from $43.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. Oppenheimer reiterated an "outperform" rating on shares of Enphase Energy in a research note on Tuesday. Evercore reissued a "positive" rating and issued a $41.00 target price on shares of Enphase Energy in a report on Monday, August 17th. TD Cowen dropped their price target on shares of Enphase Energy from $70.00 to $48.00 and set a "hold" rating on the stock in a report on Monday, July 20th. Finally, Wells Fargo & Company decreased their price objective on shares of Enphase Energy from $45.00 to $44.00 and set an "overweight" rating for the company in a report on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Enphase Energy currently has a consensus rating of "Hold" and a consensus target price of $45.79.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company's product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.

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